Employee retention may not be a topic that grabs a company’s attention in an uncertain economy, but perhaps it should be.
According to a survey by OI Partners, two out of three companies are implementing programs to retain their most talented workers. The driving reason for these programs is that idea that if retention is a problem when unemployment is relatively high, it will only get worse as the economy picks up and more jobs are available.
Turnover in some industries has already increased by 30% annually.
According to the survey, the most difficult types of workers to retain are: operations and production, sales and marketing, customer service, accounting/finance, and information services.
Employers are using non-financial methods to retain customer-facing and front-line workers such as recognition programs to reward selected behaviors, exit interviews to uncover and correct issues causing workers to leave, and providing better orientation and training.
Following are eight qualities companies value most in workers, according to the survey: *Working hard.
*Being a team player.
*Motivating and engaging others.
*Adding value to the organization.
*Fully focused on satisfying the customer.
*Success in achieving the “critical few objectives” of a job.
*Contributing to improving the bottom line.
HR POINTER: We have created a program that we call “Five Steps to Building Employee Loyalty” that addresses these eight qualities.
We use this model with our clients to help them achieve increased employee loyalty, to aid in employee retention, and to profitability.
You can find more information about our program by clicking on the White Papers section of our website (see link below) and by contacting the Member-Partner who sends you our weekly HR Tip-of-the-Week.